Action Insight Mid-Day Report 5-14-20

Dollar Lifted as Trump Said Strong Dollar Now is Great, Markets in Risk Aversion Too

Action Insight Mid-Day Report 5-14-20 Dollar Lifted as Trump Said Strong Dollar Now is Great, Markets in Risk Aversion Too Dollar and Yen continue to be the strongest ones for today with help from risk aversion. Global stocks generally show weakness, from Asia to Europe to US futures. Major benchmark treasury yields also decline. The greenback is given another lift as US President Donald trump's comments. On the other hand, Australian and New Zealand Dollars are the weakest, followed by Sterling. Technically, Dollar's rebound now puts 1.0727 support in EUR/USD into focus. Break will pave the way for a test on 1.6035 low. 1.4173 resistance in USD/CAD would also be watched and break could finally confirm completion of correction pattern from 1.4667. Australian Dollar will be watched together with risk markets. Both AUD/USD and AUD/JPY could complete double tops should 0.6372 support and 67.62 support are taken out respectively. In Europe, currently, FTSE is down -3.47%. DAX is down -3.07%. CAC is down -3.14%. German 10-year yield is down -0.0095 at -0.537. Earlier in Asia, Nikkei dropped -1.74%. Hong Kong HSI dropped -1.45%. China Shanghai SSE dropped -0.96%. Singapore Strait Times dropped -1.93%. Japan 10-year JGB yield dropped -0.0034 to -0.004. Full Report Here Trump: Right now having a strong dollar is a great thing US initial jobless claims dropped again to 2981k, continuing claims rose... BoE Bailey: Negative rate is not something we are contemplating Australia jobs dropped -594.3k, unemployment rate rose only to 6.2% as... DOW completed head and shoulder top on Fed Powell's comments Fed Daly: Phased reopening by definition translates to slow recovery Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Unexpected Decline in US Inventory Lent Support to Oil Price China's Inflation Slowed Further in April, Giving Room for Further Easing Risk Rally Inconclusive, Dollar Index and Gold Range Bound Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0788; (P) 1.0843; (R1) 1.0873; More... EUR/USD drops mildly today but stays in familiar range. Intraday bias remains neutral first. Price actions from 1.0635 are seen as a corrective pattern. On the downside, break of 1.0727 support will raise the chance that the correction is completed. Intraday bias will be turned to the downside for retesting 1.0635 low. On the upside, above 1.0895 will turn bias to the upside for 1.1019 resistance to extend the pattern. But in that case, upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Still Under Pressure, Watch CSCO, TSN, FCAU Stocks Under Pressure The Addiction Needs Feeding USDCHF Picks Up Speed After Bounce On 50-Day SMA EURUSD Pauses Its Move Below Bearish Cross Of SMAs US Retail Sales Could Be The Worst Ever, But Dollar May Not React USD Strengthens As Powell Dismisses Negative Interest Rates Powell Warns Of Lasting Virus Damage, Empowers Dollar But Sinks Stocks GBP/USD Outlook: Extended Bears Pressure Major Supports WTI Futures Advance Above SMAs With Weak Momentum AUDUSD's Positive Structure Under Stress Powell Appeared To Confirm A V-Shaped Recovery Is Far From Reach AUD/USD Outlook: Aussie Drops To One-Week Low On Terrible Jobs Data, Risks Further Weakness On Negative Fundamentals Fundamental Analysis | Technical Analysis In-depth Reports With Interest Rates At Zero, What Will Drive FX Now? Could the U.S. Economy Be Facing Deflation? China's Inflation Slowed Further in April, Giving Room for Further Easing What to Expect from CCP's Two Sessions? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP RICS Housing Price Balance Apr -21% -25% 11% 9% 23:50 JPY Money Supply M2+CD Y/Y Apr 3.70% 3.40% 3.30% 01:00 AUD Consumer Inflation Expectations May 3.40% 4.60% 01:30 AUD Employment Change Apr -594.3K -575.0K 5.9K 0.7K 01:30 AUD Unemployment Rate Apr 6.20% 8.30% 5.20% 06:00 EUR Germany CPI M/M Apr 0.40% 0.30% 0.30% 06:00 EUR Germany CPI Y/Y Apr 0.80% 0.80% 0.80% 06:00 JPY Machine Tool Orders Y/Y Apr P -48.30% -40.80% 06:30 CHF Producer and Import Prices M/M Apr -1.30% -0.30% 06:30 CHF Producer and Import Prices Y/Y Apr -4.00% -2.70% 08:00 EUR Italy Trade Balance (EUR) Mar 5.69B 6.09B 08:00 EUR ECB Economic Bulletin 12:30 CAD Manufacturing Sales M/M Mar -9.20% -5.70% 0.50% 12:30 USD Initial Jobless Claims (May 8) 2981K 3169K 3176K 12:30 USD Import Price Index M/M Apr -3.30% -3.00% -2.30% 14:30 USD Natural Gas Storage 107B 109B

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